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Government Of India Announced Finance Commission It Will Be Headed By Arvind Panagariya

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Finance Commission: The Government of India has constituted the 16th Finance Commission. Former Vice Chairman of NITI Aayog Arvind Panagariya has been made the Chairman of the Finance Commission. Apart from this, Ritvik Ranjanam Pandey has been made the Secretary of the Commission. The names of other members of the commission will be announced later.

Finance Ministry issued notification

According to the notification issued by the Finance Ministry, the tenure of the members of the commission will be till October 31, 2025 or till the date of submission of the report.

Opinion on these topics will give Finance Commission

The 16th Finance Commission constituted by the Central Government to determine the distribution of taxes between the Union and the States, revenue grants and to supplement the resources of the Panchayats and Municipalities in the State on the basis of recommendations made by the State Finance Commissions to increase the Consolidated Fund of the State. Will give his recommendations on necessary measures. Apart from this, the 16th Finance Commission will also give its recommendations on disaster management measures. Besides, the decision on distribution of funds will also be taken as per the Disaster Management Act, 2005.

Instructions to submit recommendations by October 31, 2025

The 16th Finance Commission has been instructed to submit its recommendations by October 31, 2025 so that they can be implemented for 5 years from April 1, 2026. The 15th Finance Commission was constituted on November 27, 2017. It made recommendations through its interim and final reports over a six-year period starting from April 1, 2020. The recommendations of the 15th Finance Commission are applicable till the financial year 2025-26.

Advance cell was formed on November 21, 2022

The Finance Commission is constituted every 5th year or earlier. However, the recommendations of the 15th Finance Commission cover a period of six years till March 31, 2026, hence a new commission has been constituted. The Advance Cell of the 16th Finance Commission was constituted in the Finance Ministry on November 21, 2022, to monitor the preparatory work till the formal constitution of the Commission.

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